Vodafone AirTouch Plc ('Vodafone AirTouch') announces that its majority owned subsidiary AirTouch Communications, Inc. has received an exemptive order from the Securities and Exchange Commission. The order pertains to the 1940 Investment Company Act in relation to Vodafone AirTouch's proposed U.S. joint venture with Bell Atlantic announced on 21 September 1999.
The companies continue to seek the necessary regulatory approvals in connection with the joint venture. The transaction is expected to close in spring 2000.
The joint venture combines the U.S. assets from Bell Atlantic Mobile, AirTouch Cellular, Primeco Personal Communications and AirTouch Paging. It is anticipated that it will be further strengthened by the addition of the cellular and PCS assets of GTE Corporation.